English & American Insurance Company Limited (EAIC) is a large UK insolvent
London market insurance and reinsurance company. It commenced underwriting in
1929 and wrote many types of policies for insureds and reinsureds, on its own
account and as a member of underwriting pools of insurance companies. It
provided cover for, amongst other things, marine, aviation and casualty risks.
As such, EAIC is exposed to significant amounts of asbestos, pollution and other
long tail claims.

Recent Developments

In June 2000, the original Scheme was replaced by an Amending Scheme of
Arrangement which became effective in August 2000.

As at 31 December 2007, EAICís estimated total assets and liabilities were
approximately UK£288 million (2006 UK£310 million) and UK£624 million (2006
UK£638 million) respectively. The run-off of EAIC is expected to be completed
cost effectively by entry into a cut-off scheme within the next one to two
years.

Scheme Payment Percentage

The dates and amounts of scheme payment percentage revisions are as follows: